Ledger accoounts

Quick Summary
This discussion explores the necessity of maintaining separate bank ledger accounts, with most agreeing it's beneficial for Bank Reconciliation Statements (BRS) and tracking discrepancies, even with monthly bank statements. It also covers TDS implications, including cash payment limits and higher rates for non-PAN holders, and provides guidance on using Excel formulas for calculating balances. Finally, the benefits and limitations of the GST composition scheme for traders are briefly touched upon.

Thank u for ur quick response sourav 

Knowledge sharing makes life easy 

I was trying to understand composition scheme in gst 

the trader cannt claim ITC and cannt charge gst for outward supplies beside that he need to pay gst fixed tax rate for his turnover 

how does trader benefit in this 

In simple sense, if trader don't want to go into much of the complications of GST (Just as regular dealer) he can opt for composition scheme, if it's within the limit of turnover, but it also comes with limitation, like no inter state sale, can't sale through e-commerce operators like amazon, flipkart etc. but lower tax rates, and suitable for small taxpayers...Govt provides credit in GST but it comes with lods of compliance in form of return filing (Now under QRMP it's less but based on turnover), it depends on cost benefit analysis and market factors...(If traders, buyer is regd dealer then there is a less chances to go for composition because he will not get any input credit ).

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